European Commission launches official screening of Ukrainian legislation on freedom of capital movement
Kyiv • UNN
The European Commission has launched an official screening of Ukrainian legislation on the freedom of movement of capital, analyzing its compliance with EU laws.
On April 9, the European Commission's official screening of Ukraine and Moldova on the negotiated Chapter 4 "Freedom of Capital Movement" began. This was reported by the press service of the NBU, according to UNN.
Details
During the screening, the European Commission will reportedly analyze Ukrainian legislation and the degree of its compliance with the following areas of EU legislation:
- freedom of movement of capital and payments;
- payment systems;
- Counteraction to legalization (laundering) of proceeds of crime.
The NBU said that the screening process generally consists of two stages.
- The first is explanatory meetings, during which representatives of the European Commission talk about key pieces of EU law and answer questions from EU candidate states.
- The second is bilateral meetings, where the candidate state will present an assessment of the approximation of national legislation to EU law and plans for further implementation of EU law to gain membership in the European Union.
According to Sergiy Nikolaychuk, Deputy Governor of the NBU , Ukraine continues to make purposeful steps towards the EU, and a constructive dialogue with the European Commission is an important element of this process.
"We realize that we face a lot of challenges to ensure the free movement of capital. At the same time, even amidst the war, we have made a number of progress, and in some respects, we have made significant progress," he said.
Thus, the NBU is reportedly gradually easing currency restrictions if the prerequisites are in place, taking steps to integrate the Ukrainian payment market with the European one, and further harmonizing Ukrainian legislation with FATF standards.
Work is also underway to introduce clear rules for regulating the virtual asset market that comply with EU law.
As a reminder, on March 14, the official screening of negotiating chapter 9 "Financial Services" began.